Corelogic Valuations are a waste of time & money

Exactly -
I am saying contract the property at under market value then borrow off the hifger vauation

 

But if the contract is lower than the valuation, they will just adopt the contract price, not the higher valuation. They'd need to change their well established guidelines to do otherwise. And they won't settle finance for a purchase without sighting the contract.
The only other way I can think of is to get the property revalued three-months or more after purchase, and furnish some compelling evidence to the lender on why the value is higher and why the previous purchase was below FMV under the definition.

 

This isn't possible on a purchase.

 

Sorry i'm incorrect I meant urban utilities and even then in qld urban utilities just charge a fixed rate. it only applies for commercial properties (how many toilets you have)

 

Most banks would want 12 months unless like @Daisycutter4 has mentioned there is some compelling evidence (e.g. you renovated the house or extended it).

From my example I had to get the Bank A had to approve a re valuation as it was only 10 months, they had approved it after I got Back C full valuation. However they wouldn't use it and wanted to conduct their own valuation (even though Bank A and C are both major 4 banks). I didn't feel like opening my house again and told them I understand their business process but they should really consider getting their valuer to do a desktop or something at the same price or they will lose my business (nothing personal just not effective use of my/our time). We had taken enough time off work for the valuers and well they pretty much have lost our business now.

 

Just checked rates notices for 3 different councils in Victoria and they all rate on Capital Improved Value, so land + buildings. It's always a computer generated valuation they use here.

 

Wow. That's something I'd never heard of before. Very much open to interpretation and guessing. Everybody can decide to argue it much more than land only, wasting time and money...

 

Totally i know ,
but i am saying we should be able to do this if we lived in a perfect world .They should change the rules !!

 

Actually it is possible if you think about it.

2 ways
1. Pay cash for a property, perhaps using a LOC (watch out for the tax traps).

2. Borrow from a related party or a private lender - settement and then refinance this with a mainstream lender.

 

The capital improved value is done way less than market value to avoid challenges I feel.

E.g. The 750k valuation house IIRC the council valuation was something between 500-550k.

 

Not all the time, especially if they think your place is a 3 bedroom instead of a 2!

 

Then that is your problem should of been noted before settlement about works that were never approved by council. So if you have unapproved changes then yes it will be inaccurate however it is also accurate as the extra bedroom were never approved .

 

It's the other way, my place is only a 2 bedroom, but all property searches list it as 3, so get civ as a 3 bedroom. Just waiting the new valuations to come out this year.

 

This company takes money from you account without your consent.

CBA asked them to do evaluation of a property. They made a phone call to the agent and the agent refused. They charged my 27.5 dollars cancellation fee and deducted it from my account without letting me know in advance. It is so unprofessional. They only care about money.

How hilarious is that.

 

How did they get your account details and do a direct debit then, the bank wouldn't allow it unless there was a direct debit consent?
Why did the agent refuse to let the valuer in?
Something doesn't add up, any valuer would want to complete tha valuation and get a much higher fee than just $27.50 - probably doesn't even cover the cost of time wasted to be honest.

 

I don't know what happened between them, but the cost of a phone call was 27.5 dollars to me.

 

I did not cancel it. Why should I pay cancellation fee.

 

They cannot call it cancellation fee if the person does not cancel the request.

 

You've signed something to authorise this otherwise it never would've been processed.
Technically it's your bank that has passed this cost on to you, as a broker if this happens I wear the cost, not the client.
Likely cancelled by the bank and cancellation fee passed on to you, the client, as per bank policy.

Was this for a potential property purchase or for a property you already own?
If for a potential purchase; Agents aren't in the business of letting valuers in for people who don't have a signed contract in place first.
If for an existing property then you should know why the valuer was denied access.
If you wanted to get an estimate value of the property you should have requested a RP Data Desktop Val

 

They have not do the job. I did not either request them to cancel it. How can this be called cancellation fee. Who has cancelled it? They cannot just deduct it from my account. The professional way is that they contact you, explain to you what happened, why they need to charge you, and send you an invoice to pay. Right?